Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) reported dismal revenues of $0.3 million in Q2 2020. Its net loss surged to $38.1 million.
Topline data of lenabasum for systemic sclerosis
CEO of Corbus, Yuval Cohen, said H2 2020 is a transformative year for the company because it expects topline data from its Phase 3 clinical trial of Lenabasum to treat Systemic Sclerosis this summer. The company will also report the results of the Phase 2b clinical study of lenabasum to treat cystic fibrosis.
ODD for lenabasum
Japan’s PMDA recently awarded ODD (Orphan Drug Designation) for lenabasum to cure systemic sclerosis. Lenabasum is an oral and innovative selective CB2 (cannabinoid receptor type 2) agonist.
Systemic sclerosis is a rare and lethal systemic autoimmune disease. Corbus conducted a 52-week clinical trial involving 365 patients across multicenters in a randomized and daily dose of lenabasum at 20 mg and 5 mg against placebo with a 4-week follow-up. The company expects to achieve ACR CRISS Score in the primary endpoint. As of now, now FDA approved treatments exist for Systemic sclerosis. Corbus expects to gain an upper hand by achieving success in the clinical trial of lenabasum.
Corbus commenced Phase 2b clinical study of lenabasum for the treatment of cystic fibrosis in June 2020. The company expects to report topline data from this clinical study in patients suffering from cystic fibrosis in Q3 2020. It administers 5mg and 20 mg of lenabasum on 425 patients in a randomized study against a placebo for 28 weeks. The main target of this study is to find a treatment to minimize PEx.
Strengthens balance sheet
Corbus strengthened its balance with a new capital of up to $121 million. It mobilized funds of $71 million through a market offering. Corbus also received an additional $50 million by executing a debt financing agreement with a specialty finance company – K2 Health Ventures, which focuses on healthcare.
Corbus strengthened its board by adding George Golumbeski in July 2020. George is a pioneer in advancing innovation and promoting the growth of the companies. His previous stints include senior leadership at Schwarz Pharma, Elan Pharmaceuticals, Novartis, and Celgene.
Corbus demonstrated two abstracts at EULAR (European League against Rheumatism) 2020 E-Congress in May 2020. It highlighted the biologic effects of lenabasum in inhibiting inflammasome activation.